ERIC Number: ED328167
Record Type: Non-Journal
Publication Date: 1990-Dec
Reference Count: N/A
Stafford Student Loans. Millions of Dollars in Loans Awarded to Ineligible Borrowers. Report to the Chairman, Permanent Subcommittee on Investigations, Committee on Governmental Affairs, U.S. Senate.
General Accounting Office, Washington, DC. Information Management and Technology Div.
This report presents the results of an investigation which evaluated the Department of Education's data base on Stafford Loans and discusses how the Department can use the information to prevent loan abuses. The investigation's findings reveal that loan defaulters may have obtained about $109 million in new loans, and that students received millions of dollars in loans over the legal loan limits. Areas where the Department could do more to prevent abuse are highlighted, and the inadequacy of data available to identify abuse is discussed. Also, suggestions are made for interim measures to improve the internal controls in the program. Finally, recommendations designed to help curb the abuses, as well as comments from the Department of Education concerning the evaluation, are presented. Appendices provide information on: (1) the objectives, scope, and methodology of the investigation; (2) problems related to missing, questionable, and erroneous data; (3) comments from the Department of Education; and (4) a list of the major contributors to the report. Tables provide data from examples of four students who have exceeded annual loan limits. (GLR)
Descriptors: College Students, Databases, Evaluation Methods, Federal Programs, Financial Audits, Higher Education, Information Needs, Investigations, Loan Default, Money Management, Paying for College, Student Loan Programs
U.S. General Accounting Office, P.O. Box 6015, Gaithersburg, MD 20877 (first 5 copies, free, 5+ copies, $2.00 ea., 25% discount on orders of 100+ copies).
Publication Type: Reports - Research
Education Level: N/A
Authoring Institution: General Accounting Office, Washington, DC. Information Management and Technology Div.
Identifiers - Laws, Policies, & Programs: Guaranteed Student Loan Program; Stafford Student Loan Program